Singapore’s money lending business is heavily regulated to safeguard customers. Money lenders have a history of predatory lending, charging consumers high-interest rates and fees and trapping them in debt.
Money lender laws of the Monetary Authority of Singapore (MAS) safeguard customers. Regulations include:
- Monthly interest rates are set at 4%.
- Late fees must be at most 10% of the loan amount.
- Money lenders must evaluate applicants’ credit and capacity to repay.
- Public advertising is prohibited for money lenders.
Money lending services are still in demand in Singapore despite rigorous laws. Traditional bank loans are unattainable for many individuals. These persons may be self-employed, low-income, or need better credit.
Singapore’s regulated money lender, Power Credit, lends to bank-rejected clients. Power Credit provides customized lending options for these customers.
Bad credit applicants may get personal loans from Power Credit. Despite higher interest rates, these loans are cheaper than payday loans and other predatory lending products. Power Credit provides business loans to self-employed clients without bank-required financial documents.
Traditional banks reject debtors, but Power Credit helps. The organization provides a range of loan options to match these borrowers’ requirements and is devoted to helping them reach their financial objectives.
The Singapore money lending sector is rising quickly due to many factors:
- Over the last few decades, the cost of living in Singapore has been steadily growing and making lives difficult for locals. As a result, the demand for money lending has been boosted.
- Traditional bank loans become more challenging to get: Banks have turned to their credit policy due to increasing concerns of banks regarding their liquidity positions and ability to lend. Moreover, people are approaching money lenders more often.
- Self-employment growth: Singapore is witnessing growth in the self-employed. It is hard for the self-employed to access traditional bank loans. Such has led to the development of a significant private money lending sector.
Therefore, Power Credit is poised for this new market extension. It appreciates this fact and, hence, offers various credit packages that cater to the needs of these discarded customers.
Applicants with bad credit can still apply for personal loans through Power Credit. Compared to payday loans and other predatorily high-interest loans, these loans usually come much cheaper. Even those self-employed customers without required financial documents can apply for a business loan through Power Credit.
Power credit seems well placed to take advantage of the expanding market for online money lenders. The firm enjoys an impressive presence on the web, and its loan applications can also be made online.
Singapore’s money lending industry is large and growing. The fast-growing niche is open to exploitation by Power Credit, which offers its clients a broad range of lending options in case they need help to obtain loans from traditional banks.
- Power Credit may make use of these opportunities:
- Poor credit clients could get favorable interest rates, charges, and terms in personal loans because of the power of power credit.
- The rising demand for business loans among self-employed borrowers: Power Credit may offer easier payback schedules and lack of financial documents.
- The rise of the Internet money lending market: Power Credit may increase its online presence and provide a simple online loan application.
Power Credit may become Singapore’s most significant money lender by taking advantage of these prospects.
The Competitive Advantage
Power Credit offers many benefits over other Singapore money lenders, including:
- Power Credit is a company that has been providing loans to such customers for more than ten years. This, in turn, enhances the market credibility of Power Credit.
- Power Credit offers personalized loans to customers who have been declined credits by ordinary banks. They provide affordable personal business and home loans with repayment plans that best suit the client’s financial situation. These borrowers prefer Power Credit over other money lenders.
- The staff of professional loan officers at Power Credit assists individuals in choosing the best loan package that suits their particular needs. Many consumers denied loans by brick-and-mortar banks may need to learn about the loan industry, particularly on which loan product to choose.
Due to the numerous benefits that set it apart from its rivals, Power Credit is enabled to leverage the growth of the Internet cash lenders’ market. The company is very much present online, and lending may be requested through the website as an online application feature. Customers seeking a quick and easy loan would find Power Credit much more enticing.
However, few customers are likely to benefit from some advantages over other Singapore’s money lenders that the Power Credit could possess. With such advantages as a good history, customized loan packages, skilled loan officers, and online solid positioning. The benefits mentioned above can lead to the fact that Power Credit will hold sway in Singapore’s moneylenders market.
These examples show how Power Credit may use its competitive advantages to flourish in the market:
- In its marketing efforts, Power Credit may focus on its track record of lending to people denied credit by other banks, thereby gaining some measure of authenticity in promoting itself. This will attract potential loanees who have reservations about money lenders.
- Market and promotional efforts of Power Credit can be targeted at specific borrowers, such as weak credits and self-employed persons for specific lending products. Power Credit will be able to reach the most potential loan takers through this.
- As shown above, Power Credit can distinguish itself from other money lenders by providing unbeatable customer services. The process includes responding to consumer queries about a loan’s products, providing adequate information on its loan offerings, and assisting borrowers in locating a suitable loan.
Money Lender’s Paradise – Power Credit in Singapore. This organization lends to people rejected by other organizations, offering different types of loans depending on the client’s needs. Power Credit is positioned well to exploit opportunities in the growing Singapore money lending industry, having many competitive moats.
By: Power Credit could be the most prominent moneylender in Singapore.
- This demonstrates their trustworthiness towards the borrowers.
- Customizing it for specific borrower’s needs and marketing as a unique package.
- Excellent client service to borrowers.
- This approach might support Power Credit in releasing or assisting applicants to achieve their targets.
- Power Credit may also concentrate on the following to succeed:
Power Credit could expand its products to feature commonly used Singapore loans such as education, cars, and various personal, commercial, and property loans. It will enable Power Credit to offer loans to all credit seekers under one roof.
Power Credit might broaden its loan services by collaborating with banks and credit unions to serve more customers. The market share and range of Power Credit will expand.
Invest in technology that helps improve productivity and deliver quality services to Power Credit’s customers. However, the corporation can produce a smartphone app allowing borrowers to apply for loans and manage their accounts as convenience dictates.